Importance of entrepreneurship and innovation principle – Term Paper

Innovation is coming up with a unique idea that can be put in place to generate more benefits like entrepreneurship skills that are critical in instilling the entrepreneurial mindset in people. In most underdeveloped regions social innovation is triggered by social entrepreneurs who act as eye openers to individuals in the society. Social changes area targeted mainly to curb social problems that a given region is facing. In the underdeveloped regions, unemployment is one of the fundamental challenges that result in crime and drug use. However, this can be curbed by coming up with new social ventures that identify and implement new labor markets, new competencies and diverse applications of people ability to ensure each workforce is improved. (Okpara, 2000) Also, the entrepreneurship principles can be instilled in the students’ minds whereby they can become big time entrepreneurs and innovate new products and services that are unique; an example is coming with an app that is a reminder for saving. Gone are the days when employees had the choice of the job they wanted and the employer they wished to work for, in the current time’s jobs is limited and competitive. However entrepreneurial skills overlooked this challenge, and it is becoming more adaptable to change and status quo. Through practicing the requisite entrepreneurial skills, people become job creators as well wealth creators though their social-prenurial ventures (Becattini, G, 2015). However, the business skills and general knowledge taught in universities is not sufficient enough to turn graduates into entrepreneurs Therefore I would advocate, universities to incorporate entrepreneurship studies into their curricula in order to create opportunities and vocational training of their students in practical entrepreneurial skills like taking part in the Global Entrepreneurship Congress held annually, through exposure to the real world of entrepreneurship students can be able to gain more exposure to creativity .;

From the Journal of Asia entrepreneurship and stability entrepreneurship skills its urges that innovation and entrepreneurship are inseparable with creativity the root of innovation of new ideas. Entrepreneurship principles are considered internally not by external pressures, whereby the primary concern is developing new products, processes or markets development. Entrepreneurs are considered more adaptable and flexible consider a range alternative approaches. Some of the entrepreneurial skills are risk taking, time conscious, innovative and creativity. Through instilling this entrepreneurial trait, the young generation will have more important life skills and tools that enable them to empower themselves for a better, sustainable and prosperous futures for themselves and their communities. In the article, entrepreneurship is portrayed as a discipline in the 21st century that will dominate both in the developed and underdeveloped nations that will boost economic growth and curb job insecurity.

In my opinion, entrepreneurship instills strong enterprise culture into the individuals. It should be taught as a compulsory discipline to each graduate to ensure that they have entrepreneurial skills that they can apply to curb the job insecurities and can come up with more innovative ideas that encompass all the productive functions that don;t receive the rewards of factors of production like rent and wages. Also, the practice of entrepreneurship will be of more good in seeking investment, production opportunity, resource allocation and enterprises creation. The society should, therefore, embrace the new product lines, new services, and the entrepreneurship skills that will bring more benefits to their economy through resource utilization as well as corporate growth.

Reference

Becattini, G, (2015), Beyond geo-sectorality:; the productive chorality of places. Journal of Regional Research

Volume III, Issue ; 2007, Journal of Asia Entrepreneurship and Sustainability, retrieved 7th February 2017

Okpara F.O. (2000) Entrepreneurship: Text and Cases: Precision Printers and publisher